IVSI vs TACN: Grades, Fees and Holdings Compared

Applied Finance IVS International Large ETF

IVSICNasdaq

T. Rowe Price Active Core International Equity ETF

TACNANYSE Arca

Overlap

5.1%by weight

Expense ratio

TACN −0.65pt a year

IVSI0.65%TACN0.00%

Avg volume · 30D

TACN 2.1×the volume

IVSI1.32KTACN2.83K

IVSI vs TACN Performance

Dec 31, 2025 – Nov 5, 2026

+13.0%IVSI+10.1%TACN

Expense ratio: IVSI 0.65%; TACN 0.00%, better
Fund size: IVSI $10M; TACN $24M
Holdings: IVSI 204; TACN 509
Avg volume (30D): IVSI 1.32K sh; TACN 2.83K sh, better
NAV per share: IVSI $29.51; TACN $28.76
52W range

ETF.net Grade

Pillar letters and Scores for IVSI, TACN, with each pillar’s weight
Pillar	IVSI	TACN
Cost30% weight	D34	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B64	B66Higher
Tradability15% weight	D36	C45Higher
Holdings10% weight	Not scored	A84
Durability5% weight	D30	D30

Rank among International Active Equity funds

How we build Categories ›

Same Category. IVSI and TACN are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

TACN ranks 6th and IVSI 35th of 55 funds in the International Active Equity Category.

Rank 5AENHIiShares Enhanced International Active ETFScore 76
Rank 6ATACNT. Rowe Price Active Core International Equity ETFScore 75
Rank 7AAVNMAvantis All International Markets Equity ETFScore 72
Rank 35DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 40
Rank 35CIVSIApplied Finance IVS International Large ETFScore 40
Rank 35CPIZInvesco Dorsey Wright Developed Markets Momentum ETFScore 40

Our read on each fund

ETF.net Research

IVSICApplied Finance IVS International Large ETF

TACNAT. Rowe Price Active Core International Equity ETF

In short

IVSI A December 2025 arrival: Applied Finance picking large caps in developed markets outside the US, no index to shadow. Everything here is early days, from the track record to the asset base.

TACN T. Rowe Price's index-aware take on developed international stocks: it shadows the MSCI EAFE benchmark while nudging weights, and the fee is waived to 0.00% through January 30, 2027 (0.20% gross).

Stated mandate

IVSI The Fund seeks long-term capital appreciation.

TACN The fund's goal is to achieve long-term capital growth.

Why people hold it

IVSI Simple mandate, plainly stated: long-term capital appreciation from developed markets outside the US, run actively rather than tracking a declared index.
Standard 1940 Act stock-fund wrapper, no leverage sleeve or structural quirks flagged in the filings.
At 0.65% a year, the fee sits close to what actively managed international ETFs typically charge, not at a boutique premium.

TACN Fee waived to zero through January 30, 2027, then the 0.20% gross rate applies. Top-scoring active international peers AVDE (0.23%) and DFIC (0.22%) charge more, with no waiver.troweprice.com
Built around the MSCI EAFE Index: an optimizer modestly over- and underweights names, targeting tracking error above most passive funds and below most active ones.sec.gov troweprice.com
Names come from T. Rowe's quant models plus bottom-up fundamental research (valuation, profitability, financial stability, earnings quality), with at least 80% of net assets normally in equities.sec.gov troweprice.com
Despite being new, it already stands among the strongest-rated funds in a crowded active international equity group, with long-term capital growth as the stated goal.

Worth knowing

IVSI That 0.65% is roughly triple what broad systematic rivals charge (AVDE at 0.23%, DFIC at 0.22%), so the stock selection carries the whole cost gap.
Launched in December 2025, so there is no long record to judge and the risk picture rests on a very short history.
Small and thinly traded so far, which tends to mean wider spreads and more slippage between the price on screen and the basket underneath.

TACN Launched December 10, 2025, so the track record is short and assets are still small. Trading is thin, which can mean wider spreads than at big index rivals.
The zero fee is contractual, not permanent: it runs through January 30, 2027, after which the 0.20% gross expense ratio kicks in.troweprice.com
Low tracking error is the design, not a bug. The active tilt is deliberately modest, so the portfolio is built to hug EAFE rather than stray from it.sec.gov

Full IVSI profile⁠

Full TACN profile⁠

IVSI vs TACN Holdings

How IVSI and TACN differ

Overlap by weight

5.1%

Shared holdings make up 10.1% of IVSI and 5.4% of TACN.

Level by level

Holdings13 in both5.1%
Countryby domicile87.6%
Sector11 Sectors89.2%
Asset classStocks100%

Sector

Sector weights in IVSI and TACN, widest gap first
Sector	Gap	IVSI	TACN
Financials	TACN +3.8 points	21.9%	25.7%
Health Care	IVSI +3.5 points	13.2%	9.7%
Consumer Discretionary	IVSI +2.8 points	9.6%	6.8%
Communication	IVSI +2.1 points	7.7%	5.5%
Energy	TACN +2.0 points	2.4%	4.4%
Industrials	TACN +1.8 points	15.3%	17.1%
Utilities	TACN +1.8 points	1.4%	3.2%
Technology	IVSI +1.8 points	14.3%	12.5%
Real Estate	TACN +1.4 points	0.1%	1.5%
Consumer Staples	IVSI +0.4 points	7.9%	7.5%
Materials	IVSI +0.2 points	6.3%	6.1%

Country, concentration and asset class

Country by domicile

Country weights in IVSI and TACN, widest gap first
Country	Gap	IVSI	TACN
Japan	TACN +3.8 points	20.7%	24.5%
Switzerland	IVSI +3.3 points	12.8%	9.5%
Sweden	IVSI +3.1 points	5.4%	2.3%
Netherlands	IVSI +2.0 points	7.9%	5.9%
Denmark	IVSI +1.9 points	3.8%	1.9%
United Kingdom	IVSI +1.8 points	16.4%	14.6%
Singapore	TACN +1.7 points	0.1%	1.8%
Hong Kong	TACN +1.6 points	0.2%	1.8%
Other countries (17)	TACN +5.1 points	32.7%	37.8%

Outside the US: IVSI 100% developed, 0% emerging. TACN 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

IVSI25.6%
TACN14.3%

Securities held

IVSI199
TACN499

Asset class

IVSI: Stocks
TACN: Stocks

Holdings

Only in IVSI186
In both13
Only in TACN486

Only in IVSI

186 securities, 89.4% of IVSI by weight

Asml Holding NV4.29%
Bhp Group Ltd Common Stock2.82%
Novartis Ag-Reg2.55%
Astrazeneca PLC2.42%
Deutsche Telekom Ag-Reg2.28%
Mitsubishi Ufj Financial Gro2.27%
Novo Nordisk A/S-B1.89%
Allianz SE1.73%
British American Tobacco PLC1.56%
Recruit Holdings Co Ltd1.46%
Sanofi1.42%
Loreal1.40%
Sumitomo Mitsui Financial Gr1.35%
Hsbc Holdings PLC1.33%
Nestle Sa-Reg1.32%
Assa Abloy AB1.12%
Munich Reinsurance Company1.06%
Gsk PLC1.02%
Atlas Copco Ab-A Shs0.97%
Tokio Marine Holdings Inc0.95%
Schneider Electric SE0.86%
Ap Moller - Maersk A/S B0.83%
Softbank Corp0.81%
Itochu Corp0.78%
Lvmh Moet Hennessy Louis Vui0.78%
Vinci SA0.76%
Shell Plc-New /Gbp/0.76%
Intesa Sanpaolo0.75%
Axa0.75%
Advantest Corp0.74%
Compass Group PLC Common Stock GBP.11050.73%
Relx PLC0.73%
Ericsson Lm-B Shs0.73%
3I Group PLC0.72%
Imperial Brands PLC0.71%
Industria De Diseno Textil0.71%
Pandora A/S0.70%
Hermes International0.69%
Totalenergies SE0.69%
Intercontinental Hotels Gr Adr0.68%
Prosus /Eur/0.67%
Zurich Insurance Group AG0.67%
Abb Ltd-Reg0.62%
Ubs Group Ag-Reg0.58%
Tokyo Electron Ltd0.57%
E.on SE Common Stock0.56%
Hannover Ruck SE0.54%
Enel SpA0.52%
Kbc Group NV0.52%
Toyota Motor Corp0.51%

Only in TACN

486 securities, 94.3% of TACN by weight

Asml Holding NV Common Stock EUR.093.06%
Mitsubishi Ufj Financial Gro Common Stock1.42%
Novartis AG Reg Common Stock CHF.491.31%
Hsbc Holdings PLC Common Stock USD.51.27%
Shell PLC Common Stock EUR.071.21%
Astrazeneca PLC Common Stock USD.251.17%
Recruit Holdings Co Ltd Common Stock1.12%
Sony Group Corp Common Stock1.11%
Nestle SA Reg Common Stock CHF.11.06%
Sumitomo Mitsui Financial Gr Common Stock1.04%
Sap SE Common Stock1.04%
Totalenergies SE Common Stock EUR2.51.01%
Siemens AG Reg Common Stock1.00%
Unicredit Spa Common Stock0.95%
Ubs Group AG Reg Common Stock USD.10.93%
Bhp Group Ltd Common Stock0.84%
Anz Group Holdings Ltd Common Stock0.83%
Rolls Royce Holdings PLC Common Stock GBP.20.82%
Advantest Corp Common Stock0.80%
Enel Spa Common Stock EUR1.00.78%
Allianz SE Reg Common Stock0.78%
Airbus SE Common Stock EUR1.00.77%
Axa SA Common Stock EUR2.290.71%
Commonwealth Bank of Austral Common Stock0.71%
Toyota Motor Corp Common Stock0.71%
Dbs Group Holdings Ltd Common Stock0.70%
Deutsche Telekom AG Reg Common Stock0.70%
Barclays PLC Common Stock GBP.250.68%
Bnp Paribas Common Stock EUR2.00.68%
Ing Groep NV Common Stock EUR.010.68%
Siemens Energy AG Common Stock0.67%
Banco Santander SA Common Stock EUR.50.67%
Takeda Pharmaceutical Co Ltd Common Stock0.66%
Safran SA Common Stock EUR.20.66%
Sumitomo Corp Common Stock0.62%
Hitachi Ltd Common Stock0.62%
Kddi Corp Common Stock0.61%
British American Tobacco PLC Common Stock0.60%
Vinci SA Common Stock EUR2.50.59%
Novo Nordisk A/S B Common Stock DKK.10.58%
Iberdrola SA Common Stock EUR.750.58%
Air Liquide SA Common Stock EUR5.50.58%
Schneider Electric SE Common Stock EUR4.00.56%
Tokyo Electron Ltd Common Stock0.55%
Abb Ltd Reg Common Stock CHF.120.54%
Sonova Holding AG Reg Common Stock CHF.050.53%
Asahi Group Holdings Ltd Common Stock0.52%
Eurofins Scientific Common Stock EUR.10.52%
Relx PLC Common Stock GBP.001443970.52%
Komatsu Ltd Common Stock0.51%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in IVSI and TACN, widest gap first
Holding	Gap	IVSI	TACN
Roche Holding AG	IVSI +2.27 points	3.81%	1.54%
Reckitt Benckiser Group PLC Common StockRKT.L	IVSI +0.82 points	0.94%	0.12%
Coca-Cola European Partners PLC Common StockCCEP	IVSI +0.52 points	0.58%	0.06%
Unilever PLC Common Stock Gbp 0.031111ULVR.L	IVSI +0.29 points	1.26%	0.97%
Kioxia Holdings Corp	IVSI +0.25 points	0.57%	0.32%
Galderma Group AG	IVSI +0.24 points	0.35%	0.11%
Anglo American-Ord NpvAAL.L	IVSI +0.19 points	0.31%	0.12%
Ferrari NVRACE	TACN +0.18 points	0.22%	0.40%
Spotify Technology SASPOT	IVSI +0.18 points	0.50%	0.32%
Aercap Holdings NVAER	IVSI +0.14 points	0.21%	0.07%
Banco Bilbao Vizcaya Argentaria S.A.BBVA	TACN +0.10 points	0.87%	0.97%
Telefonica SATEF	IVSI +0.06 points	0.11%	0.05%
Assicurazioni GeneraliG	Same weight	0.35%	0.35%

All IVSI holdings⁠All TACN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IVSI vs TACN Cost

Overpaying IVSI vs TACN

$12,717

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IVSI 0.65%
$12,717
TACN 0.00%
$0

Amount$10,000

Years30 years

Cost over time

IVSI 0.65%
TACN 0.00%
Overpaying

Year by year

Year	IVSI	TACN	Overpaying
10	$1,163	$0	$1,163
20	$4,440	$0	$4,440
30	$12,717	$0	$12,717

Expense ratio

0.65%IVSI
0.00%TACN, cheaper

TACN0.00%IVSI0.65%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

TACN cheapest of 55 funds

IVSI 36th cheapest of 55 funds

IVSI vs TACN Dividends

Last 12 months to Nov 5, 2026

Payout (12M): IVSI No data; TACN None
Last payment: IVSI $0.01; TACN No data
Ex-dividend: IVSI Dec 24, 2025; TACN No data
Paid on: IVSI Dec 26, 2025; TACN No data
Frequency: IVSI Irregular; TACN No data

Distribution history

Per share, 2025 to 2026, same scale for both

IVSIIrregular · 1 paymentAll IVSI payments⁠

TACNAll TACN payments⁠

No distribution history available.

IVSI vs TACN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years: IVSI 0.57TACN 0.65; Market = 1

IVSI and TACN in the news

All news⁠

ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026TACN

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